Item 5.02
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
|
Employment Agreements of Mr. Ballard and Mr. Spexarth
On March 1, 2018, Superior Energy Services, Inc. (the Company) entered into the First Amendment to the Employment Agreement
with Mr. Westervelt T. Ballard, Jr. and an Amended and Restated Employment Agreement with Mr. James W. Spexarth (collectively, the employment agreements). Pursuant to the employment agreements, Mr. Ballard will
serve as Executive Vice President, Chief Financial Officer and Treasurer and Mr. Spexarth will serve as Chief Accounting Officer.
Except for modifications to each executives title and salary, and with respect to Mr. Spexarth, the effective date and term of the
employment agreement, the terms of the employment agreements remain the same as the composite employment agreement filed as Exhibit 10.19 to the Companys Annual Report on Form
10-K,
filed on
February 22, 2018.
Mr. Ballard and Mr. Spexarth will be entitled to a base salary at the annualized rate of $440,000 and
$315,000, respectively, will be eligible for annual incentive bonuses and long-term equity-based incentive awards as approved by the Compensation Committee of the Board of Directors of the Company (the Compensation Committee), will
participate in the retirement and welfare benefit plans of the Company, and will be participants in the Companys Change of Control Severance Plan.
The foregoing description of the employment agreements is not complete and is qualified in its entirety by reference to the full text of each
employment agreement, which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form
8-K
and incorporated in this Item 5.02 by reference.
Retirement of Mr. Taylor
As
previously reported by the Company on a Current Report on Form
8-K,
effective March 1, 2018, Mr. Robert Taylor has retired as Executive Vice President, Chief Financial Officer and Treasurer after 22
years of loyal and dedicated service to the Company as its first and only Chief Financial Officer. In light of the contributions that Mr. Taylor has made to the success of the Company during his tenure, the Compensation Committee on
February 28, 2018 awarded Mr. Taylor a discretionary bonus of $1,716,000. This discretionary bonus approximates the same amount Mr. Taylor would have received if his services had been terminated by the Company and is payable within 60
days following his retirement as Executive Vice President, Chief Financial Officer and Treasurer.
Additionally, the Company entered into
the First Amendment to the Employment Agreement with Mr. Taylor. Pursuant to the amended employment agreement, Mr. Taylor will serve as a senior advisor to the Company and perform such duties as may be requested from time to time by the
Companys Chief Executive Officer or Chief Financial Officer. Mr. Taylors amended employment agreement became effective as of March 1, 2018 and continues until
February 28, 2019. During the employment period, Mr. Taylor will be entitled to a base salary $150,000, and he and his family will be eligible to participate in all medical and other
welfare benefit plans generally available to the Companys executive officers until February 28, 2020.
The foregoing
description of Mr. Taylors amended employment agreement is not complete and is qualified in its entirety by reference to the full text of such employment agreement, which is filed as Exhibit 10.3 to this Current Report on Form
8-K
and incorporated in this Item 5.02 by reference.